Saga Communications, Inc. Reports 1st Quarter 2009 Results
Saga Communications, Inc. Reports 1st Quarter 2009 Results
GROSSE POINTE FARMS, Mich., May 7 /PRNewswire-FirstCall/ -- Saga Communications, Inc. (NYSE Amex: SGA) today reported net operating revenue for the quarter ended March 31, 2009 decreased 17.2% to $26.1 million. Station operating expense (station operating expense includes depreciation and amortization attributable to the stations) decreased 5.8% to $23.9 million for the same period. Free cash flow decreased to $939 thousand for the quarter and the net loss for the quarter was $362 thousand ($.09 per fully diluted share). On a same station basis for the year, net operating revenue decreased 17.7% to $25.9 million and station operating expense decreased 6.4% to $23.8 million.
Gross political revenue was $38 thousand for the quarter ended March 31, 2009 compared to $651 thousand for the same period last year.
Capital expenditures in the first quarter of 2009 were $1.1 million compared to $2.1 million for the first quarter of 2008. For the 2008 fiscal year, total capital expenditures were $7.1 million. The Company currently expects to spend approximately $3.5 million for capital expenditures during 2009.
All share and per share information has been adjusted for the Company's January 28, 2009 1-for-4 reverse stock split.
Saga's first quarter 2009 results conference call will be on Thursday, May 7, 2009 at 2:00PM EDT. The dial in number for domestic calls is 800/762-6568. For international callers the number is 480/248-5088. The call can be replayed for 7 days by calling domestically 800/475-6701 or internationally 320/365-3844 and referring to access code 996702. Thereafter, a transcript of the call will be available on our website.
The Company requests that all parties that have a question that they would like to submit to the Company to please email the inquiry by 1:00 PM EDT on May 7, 2009 to SagaIR@sagacom.com. The Company will discuss, during the limited period of the conference call, those inquiries it deems of general relevance and interest. Only inquiries made in compliance with the foregoing will be discussed during the call.
The attached Selected Supplemental Financial Data table discloses "as reported" and "same station" information by segment. The "as reported" amounts reflect our historical financial results and include the results of operations for stations that we did not own for the entire comparable period. The "same station" amounts reflect only the results of operations for stations that we owned for the entire comparable period.
Saga Communications utilizes certain financial measures that are not calculated in accordance with generally accepted accounting principles (GAAP) to assess its financial performance. Such non-GAAP measures include same station financial information and free cash flow. These non-GAAP measures are generally recognized by the broadcasting industry as measures of performance and are used by Saga to assess its financial performance including but not limited to evaluating individual station and market-level performance, evaluating overall operations and as a primary measure for incentive based compensation of executives and other members of management. Saga's management believes these non-GAAP measures are used by analysts who report on the industry and by investors to provide meaningful comparisons between broadcasting groups, as well as an indicator of their market value. These measures are not measures of liquidity or of performance in accordance with GAAP, and should be viewed as a supplement to and not as a substitute for the results of operations presented on a GAAP basis including net operating revenue, operating income, and net income. Reconciliations for all of the non-GAAP financial measures to the most directly comparable GAAP measure are attached in the Selected Financial Data Non-GAAP Disclosures tables.
Saga Communications, Inc. is a broadcasting company whose business is devoted to acquiring, developing and operating broadcast properties. The Company owns or operates broadcast properties in 26 markets, including 61 FM and 30 AM radio stations, 3 state radio networks, 2 farm radio networks, 5 television stations and 4 low-power television stations. For additional information, contact us at (313) 886-7070 or visit our website at www.sagacommunications.com.
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as "believes," "expects," "anticipates," "guidance" and similar expressions are intended to identify forward-looking statements. Key risks, including risks associated with Saga's ability to effectively integrate the stations it acquires and the impact of federal regulation on Saga's business, are described in the reports Saga Communications, Inc. periodically files with the U.S. Securities and Exchange Commission, including Item 1A of our annual report on form 10-K. Readers should note that these statements may be impacted by several factors, including national and local economic changes and changes in the radio and television broadcast industry in general, as well as Saga's actual performance. Results may vary from those stated herein and Saga undertakes no obligation to update the information contained here.
Saga Communications, Inc. Selected Consolidated Financial Data For The Three Months Ended March 31, 2009 and 2008 (amounts in 000's except per share data) (Unaudited) Three Months Ended March 31, ----------- 2009 2008 ---- ---- Operating Results Net operating revenue $26,124 $31,532 Station operating expense 23,940 25,421 Corporate general and administrative 2,067 2,552 ------ ------ Operating income 117 3,559 Interest expense 773 1,995 Other expense (income), net (4) 20 -- -- Income (loss) before income tax (652) 1,544 Income tax expense (benefit) (290) 634 ---- --- Net income (loss) $(362) $910 ===== ==== Earnings (loss) per share Basic $(0.09) $0.18 ====== ===== Diluted $(0.09) $0.18 ====== ===== Weighted average common shares 4,161 5,020 Weighted average common shares and common shares equivalents 4,161 5,022 Free Cash Flow Net income (loss) $(362) $910 Plus: Depreciation and amortization: Station 2,197 1,957 Corporate 61 53 Deferred tax provision (benefit) (215) 402 Non-cash compensation 327 366 Other expense (income), net (4) 20 Less: Capital expenditures (1,065) (2,046) ------ ------ Free cash flow $939 $1,662 ==== ====== Balance Sheet Data Working capital $16,304 $18,838 Net fixed assets 72,210 76,358 Net intangible assets and other assets 113,915 228,981 Total assets 216,847 338,455 Long term debt (including current portion of $2,350 and $1,061, respectively) 133,411 134,411 Stockholders' equity 65,233 149,168 Saga Communications, Inc. Selected Supplemental Financial Data For the Three Months Ended March 31, 2009 and 2008 (amounts in 000's except per share data) (Unaudited) As-Reported Same Station Three Months Three Months Ended Ended March 31, March 31, 2009 2008 2009 2008 ---- ---- ---- ---- Consolidated Net operating revenue $26,124 $31,532 $25,940 $31,532 Station operating expense 23,940 25,421 23,795 25,421 Corporate general and administrative 2,067 2,552 2,067 2,552 ----- ----- ----- ----- Operating income 117 3,559 $78 $3,559 Interest expense 773 1,995 Other expense (income), net (4) 20 Income tax expense (benefit) (290) 634 ---- --- Net income (loss) $(362) $910 ===== ==== Earnings (loss) per share: Basic $(0.09) $0.18 ====== ===== Diluted $(0.09) $0.18 ====== ===== As-Reported Same Station Three Months Three Months Ended Ended March 31, March 31, 2009 2008 2009 2008 ---- ---- ---- ---- Radio Segment Net operating revenue $22,697 $27,381 $22,513 $27,381 Station operating expense 20,317 21,913 20,172 21,913 ------ ------ ------ ------ Operating income $2,380 $5,468 $2,341 $5,468 ====== ====== ====== ====== As-Reported Same Station Three Months Three Months Ended Ended March 31, March 31, 2009 2008 2009 2008 ---- ---- ---- ---- Television Segment Net operating revenue $3,427 $4,151 $3,427 $4,151 Station operating expense 3,623 3,508 3,623 3,508 ----- ----- ----- ----- Operating income (loss) $(196) $643 $(196) $643 ===== ==== ===== ==== As-Reported Same Station Three Months Three Months Ended Ended March 31, March 31, 2009 2008 2009 2008 ---- ---- ---- ---- Depreciation and amortization by segment Radio Segment $1,531 $1,562 $1,525 $1,562 Television Segment 666 395 666 395 Corporate and Other 61 53 61 53 -- -- -- -- $2,258 $2,010 $2,252 $2,010 ====== ====== ====== ====== Saga Communications, Inc. Selected Financial Data Non-GAAP Disclosures For the Three Months Ended March 31, 2009 and 2008 (amounts in 000's) (Unaudited) Reconciliation of As-Reported (historical) information to Same Station Operating Income (Loss) -------------------------------------------------------------------- Adjustment As-Reported For Acquisitions Same Station Three Months and Dispositions Three Months Ended Not Included in Ended March 31, Entire Comparable March 31, 2009 Period 2009 ---------------------------------------------- Consolidated Net operating revenue $26,124 $(184) $25,940 Station operating expense 23,940 (145) 23,795 Corporate general and administrative 2,067 - 2,067 ------ ------ ------ Operating income $117 $(39) $78 ====== ====== ====== Adjustment As-Reported For Acquisitions Same Station Three Months and Dispositions Three Months Ended Not Included in Ended March 31, Entire Comparable March 31, 2008 Period 2008 ---------------------------------------------- Consolidated Net operating revenue $31,532 - $31,532 Station operating expense 25,421 - 25,421 Corporate general and administrative 2,552 - 2,552 ------ ------ ------ Operating income $3,559 - $3,559 ====== ====== ====== Adjustment As-Reported For Acquisitions Same Station Three Months and Dispositions Three Months Ended Not Included in Ended March 31, Entire Comparable March 31, 2009 Period 2009 ---------------------------------------------- Radio Segment Net operating revenue $22,697 $(184) $22,513 Station operating expense 20,317 (145) 20,172 ------ ---- ------ Operating income $2,380 $(39) $2,341 ====== ==== ====== Adjustment As-Reported For Acquisitions Same Station Three Months and Dispositions Three Months Ended Not Included in Ended March 31, Entire Comparable March 31, 2008 Period 2008 ---------------------------------------------- Radio Segment Net operating revenue $27,381 - $27,381 Station operating expense 21,913 - 21,913 ------ --- ------ Operating income $5,468 - $5,468 ====== === ====== Adjustment As-Reported For Acquisitions Same Station Three Months and Dispositions Three Months Ended Not Included in Ended March 31, Entire Comparable March 31, 2009 Period 2009 ---------------------------------------------- Television Segment Net operating revenue $3,427 - $3,427 Station operating expense 3,623 - 3,623 ------ --- ------ Operating income (loss) $(196) - $(196) ====== === ====== Adjustment As-Reported For Acquisitions Same Station Three Months and Dispositions Three Months Ended Not Included in Ended March 31, Entire Comparable March 31, 2008 Period 2008 ---------------------------------------------- Television Segment Net operating revenue $4,151 - $4,151 Station operating expense 3,508 - 3,508 ------ --- ------ Operating income (loss) $643 - $643 ====== === ======
First Call Analyst: Bush, Samuel D.
FCMN Contact: aparks@sagacom.com
Source: Saga Communications, Inc.
CONTACT: Samuel D. Bush, Saga Communications, Inc., +1-313-886-7070
Profile: International Entertainment
posted by EntertainmentNews @ 9:04 AM
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